I-CAR Names New President and CEO
The International Board of Directors of the Inter-Industry Conference on Auto Collision Repair (I-CAR) has appointed John Edelen to fill the position of president and chief executive officer of the organization. Edelen has served as interim chief executive since November 2007. Per the I-CAR Bylaws, Pezzullo, as vice-chair, will assume the responsibilities of the chairman position vacated due to Edelen’s resignation from the board.
Ford Files Design Patent Infringement Complaint on Mustang
Ford Global Technologies recently filed a Section 337 complaint at the International Trade Commission (ITC) against manufacturers and U.S. distributors of automotive collision repair parts alleging infringement of design patents for certain exterior repair parts for the 2005 Ford Mustang. This follows a 2005 ITC complaint by Ford that alleged infringement of design patents for 2004, 2005, 2006 and 2007 F-150s. An administrative law judge of the ITC ruled that seven of 10 design patents directed to parts for the Ford F-150 truck were enforceable and infringed Ford’s design patents, but agreed with Keystone Automotive Industries and other companies that had vigorously contested the case that three patents were invalid due to Ford’s prior public use of the designs. The ITC then issued a cease and desist order to stop the importation of these parts into the United States.
Judge Approves Delphi Extensions
A federal bankruptcy court judge on Monday approved Delphi Corp.’s request to extend deadlines with General Motors Corp. and the Internal Revenue Service as it attempts to line up the financing it needs to exit from bankruptcy. The agreement with the IRS, which was set to expire Monday, will now expire April 7. Under the agreement, the IRS will continue pension-funding waivers first granted in 2007. Without the waivers, Delphi says it could face a tax claim of $1.4 billion, which it says would actually result in its pensions being over funded.
Ford Plans to Park Jaguar, Land Rover with Tata Motors
In what could be one of the most significant shifts of clout in the auto industry, Ford Motor will hand over the keys to its high-class Jaguar and Land Rover brands to a relatively unknown Indian conglomerate that wants to be a high-end player. The sale is expected to be announced today, according to a source briefed on the negotiations who did not want to be named because the deal had not yet been made public. Tata is to pay about $2 billion for the two brands, which cost Ford $5.3 billion, and continue building the British vehicles in the U.K.
Cerberus Drops $4 Billion Chrysler Bond As Credit Crunch Bites
The credit market crisis is causing three headaches for Cerberus Capital, the private equity firm named after the mythical, many-headed hound of Hades. The firm was yesterday working on a turnaround plan for its GMAC Finance business, which it partly owns with General Motors and whose residential mortgage business is perilously close to breaching debt covenants that could result in its tipping over into bankruptcy. At the same time, financiers for Chrysler, the carmaker purchased by Cerberus earlier this year, were forced to abandon a $4 billion bond sale, raising fears that investors are turning their backs on the market for loans from highly leveraged private equity-owned companies. The news came a day after Cerberus was sued in a U.S. court over its attempt to wriggle out of another leveraged buy-out deal it signed in the summer.
ArvinMeritor’s Chip McClure Named Automation Alley’s 2007 “Legend CEO”
TROY, MI — ArvinMeritor Chairman, President and CEO Chip McClure has been named 2007 "Legend CEO" by Automation Alley – a business technology consortium of more than 850 businesses, educational institutions and government entities covering an eight-county area and the city of Detroit. Automation Alley’s Legend CEO Award recognizes individuals who have made life-long, pivotal
Highland Could Become Lead Delphi Investor
Highland Capital Management LP has begun direct talks with Delphi Corp. and its former parent General Motors Corp. that could make the Dallas-based hedge fund the lead investor in a new financing package to help Delphi emerge from Chapter 11.
Delphi Investor Hasn’t Pulled Out
A key investor in Delphi Corp.’s plan to exit bankruptcy protection says it has not pulled out of the deal as expected by the troubled auto parts supplier. Delphi officials said April 19 that the company had been told that Cerberus Capital Management LP would leave a consortium of investors who would pump up to $3.4 billion into the company in exchange for new shares of Delphi stock. Nearly a week later, Cerberus spokeswoman J.J. Rissi in New York said that has not happened.
From Counterman.com: Your Greatest Asset
Today, as in the past, independent jobbers, store owners, store managers and senior level executives at company-owned store groups continue to “talk-the-talk,” saying that their people are their greatest assets. The skills and knowledge of their counter sales professionals, managers, outside sales people and delivery drivers are the differentiators that provide their stores with a competitive advantage and position their stores as the “suppliers of choice” with traditional commercial accounts and with DIY customers.
Ford Sells Major Stake in Aston Martin for $848 Million, To Help Turnaround Plan
From Financial Wire Ford Motor Co. has sold its controlling stake in Aston Martin, creator of exotic $100,000-plus sports cars made famous in James Bond movies, to a consortium of investors, including racing mogul David Richards, car collector John Sinders and the Kuwaiti companies Investment Dar and Adeem Investment Co. Ford will receive $848 million